Comment

Comment by Cindy Keil on December 6, 2011 at 1:58pm

Need VP or manager contact information for loss mitigation to escalate file

Comment by Mike Linkenauger on October 18, 2011 at 2:00pm

For the most part we like GMAC Mortgage Short Sales.  When they are the 1st position loan they go very fast to process and approve.  When they are 2nd position, they can be a bit difficult sometimes.

Comment by Pamela Lester on June 4, 2011 at 3:02pm

I have completed many, many short sales.  I just submitted a GMAC short sale package directly to GMAC.  I was shortly thereafter contact by a 3rd-party negotiator from REDC.  There is only a 1st Mortgage and it is not a FNMA/Freddie Mac loan.  After contact with the negotiator from REDC, Equator showed my commission was cut to 5% and the 3rd party negotiator was to receive

$2500.  I have not had a bank reduce my commission to 5% on a short sale in two years.  I guess they don't understand that Realtors have a long memory and when this market turns around, GMAC's name will be probably not be on our minds when giving out potential lender names!  Has anyone dealt with REDC?  I too was able to get Wells Fargo to raise my commission two years ago back to 6% when they tried to cut it to 5%, but have not submitted a short sale to GMAC.  Most of my short sales are BOA and Wells Fargo which are great to work with.

Comment by leila on April 5, 2011 at 9:45pm

Another great successful close on a short sale with GMAC!  APPROVED in less than 30 days! NO Joke!  I submitted a clean package, and got assigned a negotiator, and an approval was faxed over to me.  :) Happy Camper my buyers and sellers..
ps; also got my sellers a seller credit of 3800 dollars...

 

 

Comment by Michael Schneider on January 11, 2011 at 12:45pm

Well, my best experiences are with distressed asset investors who are trying to get return from the deeply discounted asset they purchased.  I actually has one say to me:  "You know, Michael, if you need a couple thousand dollars to get the deal done, we can do that".

Of the four major Servicers (BofA, Morgan-Chase, Wells and Citi), if I were required to choose one, I would choose BofA.

Regarding the "across the board" GMAC experiences, it's going to be highly Investor/Insurer specific, I think.

Comment by Chris Gurnee on January 11, 2011 at 12:34pm

Whats the best company to work with to get short sales?

Comment by Karen Hulbert, Woodland CA on December 22, 2010 at 3:26pm

Does anyone have supervisor contact - second position, verbally agreed to the amount 3 weeks ago. The negotiator went on vacation - he's back but still has not sent the approval over. Buyer trying to close this year.

Comment by Mike Linkenauger on October 14, 2010 at 9:49am

That is true, much of the time we'll all contribute part of them money. Just depends. I do agree with you, its all about getting the deal done one way or the other and moving on to the next one.

Comment by Angela Alfe on October 2, 2010 at 9:36am

Mike, not sure if you meant going to each individual and asking them to contribute...but you can also have EACH entity part with money. We've had to do this a few times. When we're talking a "little bit" from each, it's one thing...but depending on how much that 4% is...it can be a tough pill to swallow.

So, yeah...sometimes the sellers will contribute, the buyers, the buyer's agent and the seller's agent to make the deal work. We've even had attorney kick in money sometimes. Getting the home sold is the priority...even if we do take a cut in fees/commissions.

Comment by Mike Linkenauger on September 27, 2010 at 2:45pm

1st - Talk to buyer about contributing the difference
2nd - Talk to sellers about contributing the difference
3rd - Eat it on your commission and move on to the next one.

At least, thats what I would do. We run into in all the time, its pretty common.

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